Starting with the tax year 2011, the new IRS Form 8938 must be filed by all U.S. persons if total foreign financial assets exceeded $50,000 at any point during the year. Form 8938 will be in addition to the long-standing Treasury Department FBAR (Foreign Bank and Financial Accounts Report) required for financial assets abroad that
Italy’s tax administration issued a guideline according to which all foreign assets must be reported in Italy, including personal assets (such as vacation homes, yachts, jewelery) that do not generate any foreign income taxable in Italy. The new guideline is part of a general reinforcement of foreign assets reporting rules adopted in connection with the enactment of the new tax shield, which enables taxpayers to declare unreported foreign assets and income and pay a reduced tax (4 percent, increased to 5 percent for disclosure returns filed by February 28 and 6 percent for disclosure returns filed by April 30).
Continue Reading Italy Reinforces its Foreign Assets Reporting Rules
Italy Extends Deadlines for Voluntary Disclosure of Undeclared Foreign Assets Program…
Continue Reading Italy Extends Deadline for Voluntary Compliance Program